I hold some shares in a company that has rumors floating around about the company being acquired by another firm. The shares have bumped up a bit due to these rumors, which makes me a bit nervous, but I am also curious what I should expect if this is real? Should I exit now or after the acquisition. What aspects of this should I be looking into? I don't really know what happens to stock/company post acquisition.

I have a valuation for the company I own, so have a good feel for that, but not sure if I should value the combined firm...sounds like a lot of work.